| A | B |
|---|
| needs | what is necessary for survival |
| net pay | the amount of pay left after the employer has taken out the tax |
| interdependence | relying on each other and other business and the government to provide the goods and services we need |
| Pay advice | docket given with pay showing number of hours worked, rate of pay, deductions and allowances |
| referee | person who will support your job application. name and phone on résumé. |
| services | intangible (can't touch) things provided by others, like plumber, doctor etc |
| gross pay | Whole pay before the employer has taken tax out |
| caveat emptor | let the buyer beware - be careful when you buy things that there is no problem |
| taxable income | income that will be taxed after you subtract all your deductions |
| Résumé | document summary of your career details, education and work experience. Also has referees' names. |
| Tax Return | Form you send in to tax department every July with your deductions etc so they can calculate how much tax you have to pay |
| Collective Goods | Community owned good like hospitals schools, buses, parks. |
| Intestate | Dying without making a will. |
| Values | Things that are important to us, they affect our wants. |
| Double coincidence of wants | When you meet someone that has what you want, and you have what he wants. |
| Gross income | Whole income before any tax is deducted (subtracted). |
| Probate | Permission from court to start with the instructions of the will. |
| Tax free threshold | Amount of money I can earn before I have to pay tax (about $5000 a year) |
| Financial year | July 1 to June 30. |
| Application Letter | Letter applying for a job, or really asking for anything. |
| Non durable goods | goods that don't last very long, like bread, toothpaste, milk |
| group certificate | given to employee and to tax department every financial year, telling gross income and tax deducted of employee |
| self sufficient | can get by without relying on other people for food, clothes, needs and wants. |
| spreadsheet | computer program which calculates numbers, percentages, totals etc. Used by accountants. |
| executor | someone who carries out the instructions on a will. |
| durable goods | goods that last longer, like car, tv, house. |
| codicil | an addition to a will, something extra written in later. |
